chapter 7 basic math skills 1 marketing essentials chapter 7 basic math skills section 7.2...

Chapter 7 Basic Math Skills 1

Marketing EssentialsMarketing Essentials

Chapter 7 Basic Math Skills

Section 7.2 Interpreting Numbers


SECTION 7.2SECTION 7.2

What You'll LearnWhat You'll Learn

How to use a calculator to solve math problems

The procedure used to convert percentages to decimals and decimals to percentages

The ways to read different types of graphs used to present mathematical data

Interpreting NumbersInterpreting Numbers


SECTION 7.2SECTION 7.2 Interpreting NumbersInterpreting Numbers

Why It's ImportantWhy It's Important

Most jobs in marketing require the use of a calculator. Many require using a computer to generate graphic presentations. You will improve your skill level on the calculator as you study this section. You will also gain a greater understanding of graphs and charts.



Key TermsKey Terms

percent

bar graph

line graph

circle graph

pie chart



Nearly everyone in marketing and business uses calculators. Besides simply knowing which buttons to press, you will be expected to work with accuracy, know how to work with fractions and amounts of money, and have an understanding of how the calculator computes with multiple operations.

Using a Calculator



Estimate, Then Operate

"Guess and Check" Estimate the answer, then enter the problem in the calculator, then check the calculator's answer against your estimate.

This is important because you may make errors when entering numbers or even press the wrong operation key.



How to Make Entries

Disregard leading zeros to the left of the decimal point and final zeros after the decimal point.

When dealing with fractions, first convert the fractions to decimal form.

Remember that most calculators perform calculations in the order they are entered.



Percent means parts per hundred. To write a whole number or a decimal number as a percent, multiply it by 100, or move the decimal point two places to the right.

Percentages

Move the decimal pointTwo places to the right.

Write 0s as needed.

0.70 = 0.7 x 100 = 70% or 0.70 = 70%

0.05 = 0.05 x 100 = 5% or 0.05 = 5%

2.5 = 2.5 x 100 = 250% or 2.50 = 250%



To write a fraction as a percent, first convert the fraction to decimal form, then multiply by 100. If there is a whole number, add it to the converted fraction before multiplying by 100.

Converting Fractions to Percentages

3/8 = 3 ÷ 8 x 1 0 0 = 37.5 = 37.5%

4 2/3 = 2 ÷ 5 + 4 x 1 0 440 = 440%0 =



Change a percent to a decimal number by dividing by 100, or by moving the decimal point two places to the left.

Converting Percentages to Decimals

Write 0s as needed.

24.8% = 24.8 ÷ 100 = .248 or 24.8% = 0.248

0.5% = 0.5 ÷ 100 = 0.005 or 0.5 % = 0.005

Move the decimal pointtwo places to the left.



To find a percent of a number, multiply the decimal equivalent of the percent by the number. Use the following steps:

Percent Problems

1. Estimate the answer.

2. Translate the problem into a math statement.

3. Do the calculations.

4. If necessary, round money amounts to the nearest cent.

5. Check your answer.



Graphs are a way of presenting numbers in a way that is easier to understand than a long series of numbers. Usually a graph shows the relationship between two kinds of data, or statistical information. There are three basic kinds of graphs:

Reading Charts and Graphs

bar graphs line graphs circle graphs



A bar graph is a drawing made up of parallel bars whose lengths are proportional to the qualities being measured.

Bar Graphs



According to this bar graph, how did the oldest customers compare with the youngest in terms of purchases?

Compact Disc Sales By Age Group



A line graph uses a line that joins points representing changes in a variable quantity, usually over a specific period of time. Line graphs are very useful for charting sales, prices, profits, or output.

Line Graphs



Compact Disc Sales

Line graphs chart change over time—in this case, the change in sales figures over a period of 12 months. How would you summarize the progression of sales over the course of the year?



A circle graph is a geometric representation of the relative sizes of the parts of a whole. It is better known as a pie chart.

Businesses often choose such a graph to compare things like the costs of different aspects of manufacturing or the ways income from sales is used by a company.

Circle Graphs



This circle graph shows a whole, the price of a compact disc divided into parts. Which two price components account for more than half of the price of a CD?

Retail Price Distribution—Compact Discs


7.2 ASSESSMENTASSESSMENT

Reviewing Key Terms and Concepts

1. Use a calculator to find the decimal equivalent of 1/7.

2. What is the decimal equivalent of 60 percent?

3. What are three forms of graphic representation?


7.2 ASSESSMENTASSESSMENT

Thinking Critically

A market researcher plans to present data about purchases of colas by age group. She can't decide whether to use a bar graph or to list her groups on a chalkboard in order of size. What should she do, and why?


End of Section 7.2

Marketing EssentialsMarketing Essentials

chapter 7 basic math skills 1 marketing essentials chapter 7 basic math skills section 7.2...

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